Page 7 - Bespoke EPG 2017 Digital

WHO NEEDS TO DO ESTATE PLANNING?

■■ Many may think that they are not old enough or wealthy enough to warrant
doing any estate planning.

■■ However, if a person is over the age of eighteen, no matter how small his
estate is, it is advisable to begin the process.

■■ Where an estate planner is “at” in life, will determine his strategic plan for his
estate, and which techniques to use in order to implement in the plan.

■■ An estate planner may be single, married, divorced, or separated. He may
have minor children or adult children. He may be married for a second or
third time, with children from previous marriages. He may own assets with a
strong growth potential.

■■ Each plan will be unique and structured according to an estate planner’s own
unique set of circumstances, goals and objectives, and reviewed regularly to
take account of personal and legislative changes.

Who should be involved?

■■ The estate planner should work together with an estate planning team, which
usually comprises a set of professionals, including an accountant, attorney,
and financial adviser.

■■ The professional team should assist the estate planner with developing
and reviewing his estate goals, providing direction on various strategies
and tactics, performing cost-benefit analyses, providing advice on the tax
implications of various strategies and tactics, and most importantly liaising
with other professionals on the estate planning team.

■■ The attorney may assist with drawing up legal documents such as the Last
Will and Testament and an inter vivos trust deed. The financial adviser may
assist with ensuring the estate is liquid, and the accountant may typically
assist with tax planning. Family members, more specifically, a spouse
should also form part of the team, especially where more complex plans are
contemplated.

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